Pay and job security are the top two factors in attracting and retaining talent. According to Global Benefits and Attitudes Survey 2022 by WTW, 60% of participants indicated pay and bonuses in attracting candidates. Meanwhile, job security and flexible working arrangements followed at 41% and 38%. For job retention, job security sits at 46% of respondents followed by pay and bonuses at 40%.
Interestingly, a sense of purpose also sat in the top three of both categories.
“Purpose is also one of the areas that matter most to employees and features as a key factor in creating a high-performing employee experience in an organisation and is associated with exceptional business results,” said Eva Liu, Head of Strategic Development, Health & Benefits at WTW
“Employees across different age groups, from baby boomers to Gen Z, in our study, have indicated that a sense of purpose is an important factor that they look for in an employer,” she added.
Employees are looking at how their work can influence the “bigger picture”
Liu notes that employees are looking at how their work can influence the “bigger picture” while also having an equal opportunity to contribute their ideas.
So, how do you promote a workplace that attracts and keep top talent?
Offer competitive salary and benefits. How do you do this? Provide a competitive compensation package including paid time off, insurance, and other bonuses like signing bonuses, EAP, etc.
Demonstrate job security in the workplace. There are multiple ways to show that job security exists in your workplace. From having meaningful conversations to regular advancement opportunities, job security starts with consistency and the willingness to discuss the future of your business, your organisational goals and how it aligns with the work your people are doing.
Most of all, cultivate a culture with a sense of purpose. The Great Resignation and the Great Reshuffle came as a result of people reassessing their values, goals and lifestyle during the pandemic. People want to know how their work affects the organisation, the workplace and the community. It’s about learning the bigger picture of their work and the impact they make — in their lives, the workplace and the community at large.
“Increasingly, employees want to work for organisations and brands that have a clearly defined purpose and that they are aligned to,” said Liu.
If you’re still uncertain about where to start, let’s chat. Brainbox is a Perth-based group of companies focused on helping organisations develop a thriving coherent culture while implementing efficiencies through a people-first approach.